Regulatory obligations

The FIS (Specialized Investment Fund) is subject to supervision by the Commission de Surveillance du Secteur Financier (CSSF).

Authorization and Supervision

• Approval: The CSSF (regulatory authority) must approve the fund’s constitutive documents and the depositary bank before the FIS can be established.
• Governance: The fund’s directors and the depositary must demonstrate sufficient integrity and experience; any changes to administrators or managers must be
  approved by the CSSF.
• Auditing: Annual financial statements must be reviewed by an authorized company auditor.

Legal Framework

• Law: February 13, 2007 law (amending the December 20, 2002 law on UCIs).
• CSSF Circular 07/283 dated February 28, 2007.
• CSSF Circular 07/309 dated August 3, 2007.
• Decree 6318: Issued on March 6, 2012, aligning the FIS with European directives (AIFM 2011/61/EU) on UCIs and other non-UCI funds (risk management, conflict of
  interest management, and delegation of management).